Short-term profits and long-term consequences — did Jack Welch break capitalism?

https://www.npr.org/2022/06/01/ [login to see] /short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism
Long before the reign of Elon Musk, Mark Zuckerberg and Jeff Bezos, there was Jack Welch.

Welch, who headed up the General Electric Company from 1981 and 2001, is often thought of as the first celebrity CEO, a businessman who wowed investors and mingled with celebrities.

"[Welch's] face was on the cover of magazines all the time," New York Times correspondent David Gelles says. "He emerged as sort of this imperial executive and helped define what I think is still with us today in the form of a certain amount of CEO worship."

In his book, The Man Who Broke Capitalism, Gelles makes the case that Welch's ruthless cost-cutting and single-minded focus on quarterly earnings ultimately hurt both GE and American capitalism.